Bookkeeping Year-end check-list
All businesses have reporting requirements and commitments to the Australian Taxation Office. Here is a list of tasks that should be completed to help your accountant understand what happened during the year:
- reconcile bank accounts
- reconcile accounts receivable
- reconcile account payable
- reconcile inventory
- review financial accounts and reports
- enter adjustments
- set lock-up periods
- prepare your Business Activity Statement
- back-up all files
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Some questions to ask yourself:
- Does the general ledger bank balance reconcile to the bank statement?
- Do you have any debt that should be written off?
- Is the inventory balance correctly stated?
- Are all fixed assets accounted for? Is depreciation correctly recorded for assets still in the company's possession?
- Are there any prepaid items that need to be adjusted?
- Do tax liabilities coincide with quarterly reports?